Bitt Brings Bitcoin to the Caribbean

Bitt is the Caribbean’s first bitcoin exchange, and it is looking to bring more efficient payment methods to the region. The exchange will launch on March 30, 2015, after completing a development period that has lasted two years.

Bitt sees a lot of potential for bitcoin in the Caribbean, estimating that 60% of people living in the region do not have access to banking services. Bitcoin, being a revolutionary technology in the remittance sector, has proven in areas such as Africa and the Philippines that it is an effective way to get money to people who do not have access to traditional wire transfer and remittance services.

In anticipation of Bitt’s arrival in the Caribbean, the Economic Commission for Latin America and the Caribbean (ECLAC) held a meeting at its Caribbean headquarters to discuss the risks and benefits of bringing digital currency into the area. Representatives from the region’s central banks — as well as people from the bitcoin industry — attended the meeting, focusing on developing regulatory infrastructure for the area’s future bitcoin economy. The ECLAC ultimately said that it would review financial policies of the region’s countries to see how bitcoin will impact the economy, specifically in the Caribbean.